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STATE OF OKLAHOMA
1st Session of the 59th Legislature (2023)
HOUSE BILL 2176 By: Lowe (Dick)
AS INTRODUCED
An Act relating to Oklahoma Center for Ad vancement of
Science and Technology; creating the Oklahoma
Accelerator Program; placing program at certain
agency; providing purpose; establishing the Oklahoma
Accelerator Revolving Fund; establishing fund nature;
authorizing certain budgeting and expenditure of
funds for certain purpose; providing for
codification; providing an effective date; and
declaring an emergen cy.
BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
SECTION 1. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Section 5060.45 of Title 74, unless
there is created a duplication in numberin g, reads as follows:
A. There is hereby established the Oklahoma Accelerator Program
at the Oklahoma Center for Advancement of Science and Technology , to
be administered by the Center as a continuation of the accelerator
program previously administered by the Oklahoma Department of
Commerce. The program shall utilize appropriated funding to
leverage private capital for the purpose of stimulating growth of
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early-stage startup companies throughout th e state by connecting
such companies with the global entrepreneurial ecosystems required
to enhance business talent and investment opportunities.
B. There is hereby created in the State Treasury a revolving
fund for the Oklahoma Center for Adva ncement of Science and
Technology to be designated the "Oklahoma Accelerator Revolving
Fund". The fund shall be a continuing fund, not subject to fiscal
year limitations. The fund s hall consists of all mon ies authorized
by law for deposit in such fund including, but not limited to gifts,
grants, private donations, private equity contributions, and fee
revenues and funds by government entities authorized to provide
funding for the purposes authorized for the use of the fund. All
monies accruing to the credit of said fund are hereby approp riated
and may be budgeted and expen ded by the Oklahoma Center for the
Advancement of Science and Technology for purpose s authorized by law
to implement the Oklahoma Accelerator Program. Expenditures from
said fund shall be made upon warrants issued by the State Tre asurer
against claims filed as prescribed by law with the Director of the
Office of Management and Enterpris e Services for approval and
payment.
SECTION 2. This act shall become effective July 1, 2023.
SECTION 3. It being immediately necessary for the preservation
of the public peace, health or safety, an emergency is hereby
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declared to exist, by reason whereof thi s act shall take effect and
be in full force from and after its passage and approval.
59-1-5771 MKS 01/07/23